Listed below are accounts that are found in financial statements. For each of the accounts, using any and all sources available to you, provide the following infor mation. a. Provide the official definition under Generally accepted accounting principles. b. Identify the type of account (asset, liability, equity, revenue, ex
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I. What was the last official pronouncement of the Financial Accounting Standards Board in the year 2011? Briefly describe the pronouncement in your own words. II. You are conducting an audit for ABC Corporation for the year ended December 31, 2011. Several items come to your attention: a. On January 15, 2012, while you a
Please help with the following problems: Provide the definition of of comprehensive income. Explain the difference between the end of year treatment of net income and other comprehensive income When was comprehensive income was issued ? How should the company present other comprehensive income and accumulated other comp
Mr. A has three rental properties which he rents, but hires a service to maintain the properties. Mr A also have a full time job as a Sales Rep with ABC Manufacturing. Mr A's rental properties generate $3,000 each month. The depreciation on the properties totals $2,000 each month plus his monthly maintenance fees of $1,500
A disadvantage in regards to taxes when it comes to earned income is the limited amount of deductions available. When compared to passive income, deductions on earned income are less plentiful. Explain what is meant by "passive income deductions on earned income are less plentiful". http://www.taxbraix.com/tax-articles/dif
BYP19-7 Many of you will some day own your own business. One rapidly growing opportunity is no-frills workout centers. Such centers attract customers who want to take advantage of state-of-the-art fitness equipment but do not need the other amenities of full-service health clubs. One way to own your own fitness business is to bu
Identify a product or service that Apple could use ABC and identify at least three activities for ABC and the appropriate cost drivers for those activities. Estimate the application rates for each cost driver. Summarize the information in a table and discuss how the information can be beneficial. The following items will be a
Identify the steps for netting capital gains and losses.
Explain the difference between ordinary, capital, and 1231 assets.
Question 1 Jane, Jon, and Clyde incorporate their respective businesses and form Starling Corporation. On March 1 of the current year, Jane exchanges her property (basis of $50,000 and value of $150,000) for 150 shares in Starling Corporation. On April 15, Jon exchanges his property (basis of $70,000 and value of $500,000) for
Can you help me with this assignment? The accountant for Jarvis Corporation has developed the following information for the company's defined-benefit pension plan for 2008. * Service cost $500,000 * Actual return on plan assets 260,000 *
On January 1, 2003, Sauder Company purchased a building and machinery that have the following useful lives, salvage value, and costs. *Building, 25-year estimated useful life, $400,000 cost, $400,000 salvage value *Machinery, 10-year estimated useful life, $500,000 cost, no salvage value. The building has been depreciated und
Coca-Cola and Pepsi are both very profitable soft drinks. Inputs for these products include sugar, bottles/cans, and soft drink syrup. Coca-Cola and Pepsi produce the syrup themselves and purchase the other inputs. They then enter into exclusive contracts with independent bottlers to produce their products. Use the five forces f
Please help answer the following questions. Identify one of the current or emerging forces that affect the CFO roles and discuss how this force specifically affects their roles. Have the financial market dislocations of the past few years changed your views? If so, how?
Why are capital assets subject to special rules for individuals? What are the rules and what is the tax impact?
Please help with an assignment by answering the following: - What are capital assets? - Identify some of the usual capital assets that an individual or business may own.
Describe the tolerable exception rate and how you might use this as an auditor. Explain how you might determine the rate you select.
When an organization introduces a new promotion to a customer, should the accounting department be proactive or reactive as these promotional decisions are made, especially when the new promotional offer could impact the organization financially? How the accounting department must respond when new promotions are offered for whic
When working as a revenue agent with the IRS we were required to ask the taxpayer to show records on how basis is computed. Many times it would result in an adjustment increasing the amount of gain reported. The formula to compute the gain or loss on the sale of property is equal to the amount received minus the basis of the
What is the difference between assurance and attestation services? Please provide examples of each.
Case Study James Watkins, an ambitious 22-year-old, started an entertainment business called Best Club after he graduated from California State University. Best Club initially was a business failure because James ignored day-to-day operations and cost controls. One year later, James was heavily in debt. Despite his debt, James
Fellow students in your fraud examination class are having a hard time understanding why statistics on fraud are so difficult to obtain. What would you say to enlighten them?
ACC/547 Taxation - Both S-Corporations and LLC are known as flow-thorough entities. What are some differences between S-Corporations and LLC's?
Both S-Corporations and LLC are known as flow-thorough entities. What are some differences between S-Corporations and LLC's?
Question 3 The Hotel is due to have a refurbishment but rather than follow the current policy of simply replacing furnishings with a similar style you would like to investigate creating three discrete levels of accommodation to pitch specifically at the three clients groups which make up the Hotel's primary markets: business,
Why might the effective tax rate for the extremely wealthy Warren Buffett be lower than the effective tax rate for a single taxpayer with an AGI of $75,000 (2011)?
What happens if two individuals form a S-Corporation? One person contributes $100,000 for 50% ownership, and the other person contributes services for a 50% interest. What are the tax consequences of this transaction?
We are identifying various deductions such as itemized deductions and business deductions. How do these expenses and other expenses affect adjusted gross income (AGI) and taxable income?
Company X recently reported net income of $385,000. The tax rate is 40 percent. The company's interest expense was $200,000. What would have been the company's net income if they would have been able to double their operating income (EBIT), assuming that the company's tax rate and interest expense remain unchanged?
How does the state of the economy influence the sales of the company's products or expanding into new markets? What are the steps in the decision-making process? What can be learned during this process? How does technology and instant communications affect management decision-making? Why?
Do you agree or disagree that FAS 157 was responsible for the financial meltdown in the U.S. Will the recent revision of FAS 157 help?